Hyundai wants to do more to promote innovation in the US, which it thinks will shape the future of transportation. Some of the money will go towards electric mobility, but other areas being supported include robotics, autonomous driving, artificial intelligence and urban air mobility.
As the automaker stated on Twitter, the goal is to provide the US with sustainable mobility solutions.
As a global leader in innovation Hyundai Motor Group invests over 10 billion US dollars to further its goal of providing the US with sustainable mobility solutions. E. Chung, Executive Chair, met U.S. President J. Biden in Seoul to discuss the cooperation.https://t.co/KjYQ4R8b2J pic.twitter.com/ro5L5qKJxu
— Hyundai Worldwide (@Hyundai_Global) May 23, 2022
So, the first part of the money will go to electric mobility, and specifically, the company is investing $5.5 billion to build electric vehicle and battery manufacturing plants in Georgia.
The plants are expected to open in the first half of 2025 and have an annual production capacity of 300,000 vehicles. Just over 8,000 new jobs are expected to be created.
This move by the carmaker is an example that it is still possible to open new industries even in fully developed western countries and there is no need to gradually move all production out of the western world.
Hyundai’s goal is clear
The automaker wants to be one of the top three electric vehicle suppliers in the U.S. by 2026 and wants to sell over 3 million fully electric vehicles worldwide by 2030.
The carmaker now has support from the Biden administration, which wants to actively encourage investment by US companies. As far as electric vehicles are concerned, one of the White House’s plans is to encourage domestic production of minerals and thus create easier conditions for the production of batteries for electric vehicles.
The company has not yet announced where it intends to invest the rest of the money.
If you were intrigued by the focus on urban air mobility at the beginning of the article, Hyundai founded Supernal in November. This new company aims to develop a family of electric aerial vehicles, with the first commercial flight due in 2028.